Eleven Canberra suburbs where it is cheaper to buy a unit than to rent one

While it is cheaper to rent a house than to buy one in all of Canberra’s suburbs, buyers looking for a unit will be able to find a number of suburbs where it is more affordable to purchase, according to Domain data. 

Domain’s Where It Is Cheaper To Buy Than Rent report revealed renting a unit was cheaper in 60.7 per cent of Canberra’s suburbs, while the remaining 39.3 per cent offered more affordability when buying. 

The report compared the current median house or unit asking rents with mortgage repayments based on the median house or unit price for the city, assuming an interest rate of 4.93 per cent and a 20 per cent deposit. 

“In some parts of the country, rent is higher than weekly mortgage repayments due to greater levels of competition from short-term residents, students and young professionals at rental stages,” said Domain chief of research and economics Dr Nicola Powell. 

“This includes units in the city suburbs of Perth, Canberra and Darwin … and the Canberra suburb of Bruce.” 

So for those who are wanting to buy something to call their own but have been pushed back by rising prices, here are 11 suburbs to consider where it is cheaper to purchase a unit than to rent one. 

Gungahlin 

Median weekly mortgage repayments: $406.90

Median weekly rent: $500

Savings: $93.10

With a connection to the city through the light rail, the ever-changing suburb of Gungahlin is bustling with shops and families. 

Denman Prospect

Median weekly mortgage repayments: $477.25

Median weekly rent: $565

Savings: $87.75

Like Gungahlin, the new suburb of Denman Prospect is growing into a popular town centre in its own right, with playgrounds, restaurants, supermarkets, and a school to be open to all age groups next year. 

Bruce

Median weekly mortgage repayments: $412.90

Median weekly rent: $488

Savings: $75.10

With the University of Canberra located in this suburb, it may come as welcome news to students that it is cheaper to pay off a mortgage than rent in Bruce.

City

Median weekly mortgage repayments: $540.73

Median weekly rent: $600

Savings: $59.27

If living in the middle of the hustle and bustle of Canberra is a dream of yours, consider bypassing renting altogether and buying a unit in the city. 

Reid 

Median weekly mortgage repayment: $500.04

Median weekly rent: $550

Savings: $49.96

Still central but less busy, the suburb of Reid is conveniently located next to the city and at the bottom of Mount Ainslie. 

Franklin

Median weekly mortgage repayment: $455.97

Median weekly rent: $500

Savings: $44.03

Franklin in the Gungahlin region is surrounded by nature reserves and serviced by playgrounds and supermarkets. 

Dickson

Median weekly mortgage repayment: $539.26

Median weekly rent: $570

Savings: $30.74

Another alternative to central city living which is just a handful of light-rail stops away from the city is Dickson, with schools, sporting fields, shops and restaurants nearby.

Narrabundah 

Median weekly mortgage repayment: $559.85

Median weekly rent: $590

Savings: $30.15

One of Canberra’s most sought-after suburbs, Narrabundah in the Inner South is filled with amenities including multiple playing fields, schools and a golf course. 

Belconnen 

Median weekly mortgage repayment: $490.24

Median weekly rent: $520

Savings: $29.76

Like Bruce, the inclusion of this suburb will come as good news to any University of Canberra students looking to buy their first home in an area with many conveniences.

Phillip 

Median weekly mortgage repayment: $511.81

Median weekly rent: $520

Savings: $8.19

Located across from Westfield Woden, opposite a number of schools and about to get access to Canberra’s light rail network, is the suburb of Phillip. 

Harrison

Median weekly mortgage repayment: $485.34

Median weekly rent: $493

Savings: $7.66

While the difference between mortgage repayments and rents for the Gungahlin suburb of Harrison is small, it means that it is definitely worth considering a purchase if you are renting in the area.